- Papademos expects significant debt swap participation
- Q4 Canadian GDP +1.8 vs +1.8% exp, Q3 revised higher
- Budget minister: Spain to continue on austerity path
- IMF uncertain Ireland can return to bond market next year
- Ireland’s Jan-Feb budget deficit larger than last year
- ECB’s Coata says it’s “undesirable” to revisit Portugal’s budget gap
- IMF’s Zhu says ECB shouldn’t hesitate to use unconventional tools
- Fed’s Bullard: $4 gasoline not impeding consumers
- Obama: All options on the table with Iran
- Iceland may adopt Canadian dollar
- EUR shorts cut, JPY longs eliminated in COT report
- S&P 500 falls 0.3% to 1375
- USD leads, NZD lags
- CAD is top weekly performer, CHF lags
Most of the EUR/USD damage was done in Europe after the soft reports on German retail sales and Spanish unemployment. The pair staggered into NY trading at 1.3220 and will close about 20 pips lower. Sellers took out a barrier at 1.3200, but only slid as far as 1.3187.
USD/JPY continued its ascent, edging to 81.70 from 81.50. Longs went stop-loss hunting in a whisper-quiet NY afternoon sending the pair to 81.87
The market chewed through cable buy orders from 1.5835/30 but was unable to keep the momentum going, stalling at 1.5824 then rebounding to 1.5838.
EUR/CHF found some life, climbing to 1.2069 and finishing near the day’s highs.
Canada’s GDP report had no effect on the currency as commodity currencies drifted lower through the session.
EUR/GBP range of 0.8313 to 0.8351.
